THE BOURSE WHISPERER: Dart Mining (ASX:DTM) has had geological modelling completed of the company’s Unicorn molybdenum-copper-silver deposit near Corryong in north east Victoria.
The work has resulted in the estimation of an updated Mineral Resource to a total of 203 million tonnes at 0.06 per cent molybdenum equivalent at 0.04 per cent molybdenum equivalent cut off reported according to the JORC Code.
Total JORC Mineral Resources by cut‐off grade – August 2012. Source: Company announcement
“Dart Mining is very pleased with the result of the updated JORC Mineral Resource and is now in a position to move quickly to finalise the Unicorn scoping study scheduled for release in October,” Dart Mining managing director Lindsay Ward said in the company’s announcement to the Australian Securities Exchange.
“A 100 per cent Mineral Resource upgrade to 203 million tonnes, of which 102 million tonnes is at Measured status (at 0.07 per cent molybdenum equivalent) is a promising result for the company.
“Even better is the extensive high grade block of the Measured Mineral Resource (54 million tonnes at 0.08 per cent molybdenum equivalent) accessible from surface with a minimal strip ratio.
Should Unicorn move into production at a later stage these high grade blocks could assist early cash flows from the project.
“This is very encouraging for the economics of the Unicorn deposit.”
Dart Mining said the total Mineral Resource of 203Mt at 0.06 per cent molybdenum equivalent remains open at depth below 450 metres.
The company also made note of high-grade mineralisation (2m at 0.48 per cent molybdenum) that it intersected in a single hole at a depth of 538 metres indicating that this was encountered some 200m below the current Mineral Resource base.
Dart’s combined Measured and Indicated Mineral Resource stands at 138 million tonnes at 0.06 per cent molybdenum equivalent (at a 400 parts per million molybdenum equivalent cut off).
At a cut off of 400ppm molybdenum equivalent the total Mineral Resource contains 72,000 tonnes (159 million pounds) of molybdenum, 98,000 tonnes (216 million pounds) of copper and 19.4 million ounces of silver in-situ metal.
Dart Mining claims this resource base could support a mine life in excess of 20 years at 5 million tonnes per annum production rate or approximately 15 years at 10Mtpa – a production rate the company said would enable significant economies of scale should Unicorn become a mining operation in the future.
Dart said these economics would be established by a scoping study to be conducted later this year.